{"id":128145,"date":"2021-04-26T07:01:29","date_gmt":"2021-04-26T11:01:29","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=128145"},"modified":"2021-04-29T07:03:38","modified_gmt":"2021-04-29T11:03:38","slug":"bank-sued-for-providing-correspondent-banking-relationship-to-stanford","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/bank-sued-for-providing-correspondent-banking-relationship-to-stanford\/","title":{"rendered":"Bank sued for providing correspondent banking relationship to Stanford"},"content":{"rendered":"
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By Nichola Saminather<\/p>

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TORONTO (Reuters) \u2013 The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages is expected to end on Wednesday.<\/p>\n

A written judgment from the court is expected in a few months.<\/p>

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In closing arguments at the Ontario Superior Court this week, lawyers for the court-appointed joint liquidators of Stanford International Bank (SIB) alleged negligence and \u201cknowing assistance\u201d by TD in providing a correspondent banking account that Stanford used to perpetuate fraud.<\/p>

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TD\u2019s lawyers said the bank did not know about the fraud, and that damages should be limited to the estimated $5 million in profit from its relationship with SIB.<\/p>\n

Stanford is serving a 110-year prison term in the United States after being convicted in 2012 of running a $7.2 billion Ponzi scheme.<\/p>

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Correspondent banking is the business of providing services to offshore financial institutions. The joint liquidators are Grant Thornton in the British Virgin Islands and the Cayman Islands.<\/p>\n

The plaintiffs alleged that TD was aware of possible risks of providing the services and that the bank was \u201cwillfully blind, reckless and, at a bare minimum, negligent.\u201d<\/p>

\"\"<\/a><\/div>\n

They argued that even after reports of Stanford\u2019s conduct came to light, TD did not terminate the services.<\/p>

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TD said media reports about Stanford were not easily accessible and that a U.S. government warning about criminal activity in Antigua\u2019s financial sector mentioned by the plaintiffs did not explicitly mention Stanford.<\/p>\n

TD estimated reasonably possible losses from legal and regulatory actions including the Stanford litigation of as much as C$1.4 billion ($1.13 billion) as of Jan. 31.<\/p>\n

Provisions related to legal action will be taken when a loss becomes probable and an amount can be reliably estimated, it said in its 2020 annual report.<\/p>\n

The joint liquidators are also seeking $510 million from Societe Generale SA, after a Swiss court ordered the bank to surrender $150 million deposited by Stanford.<\/p>\n

($1 = 1.2397 Canadian dollars)<\/p>\n

 <\/p>\n

(Reporting By Nichola Saminather; Editing by Marguerita Choy)<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

By Nichola Saminather TORONTO (Reuters) \u2013 The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages is expected to end on Wednesday. A written judgment from the court is expected in a few months. […]<\/p>\n","protected":false},"author":3,"featured_media":121803,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-128145","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBank sued for providing correspondent banking relationship to Stanford - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/bank-sued-for-providing-correspondent-banking-relationship-to-stanford\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank sued for providing correspondent banking relationship to Stanford\" \/>\n<meta property=\"og:description\" content=\"By Nichola Saminather TORONTO (Reuters) \u2013 The three-month trial of a lawsuit against Toronto-Dominion Bank, in which the liquidators of the collapsed Antigua bank of former Texas financier Robert Allen Stanford are seeking $4.5 billion in damages is expected to end on Wednesday. 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